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Neumann, M. Konterkarierende Kapitalbewegungen. . Eine Überprüfung der deutschen Evidenz. Credit and Capital Markets – Kredit und Kapital, 11(3), 348-364. https://doi.org/10.3790/ccm.11.3.348
Neumann, Manfred J. M. "Konterkarierende Kapitalbewegungen. Eine Überprüfung der deutschen Evidenz. " Credit and Capital Markets – Kredit und Kapital 11.3, 1978, 348-364. https://doi.org/10.3790/ccm.11.3.348
Neumann, Manfred J. M. (1978): Konterkarierende Kapitalbewegungen, in: Credit and Capital Markets – Kredit und Kapital, vol. 11, iss. 3, 348-364, [online] https://doi.org/10.3790/ccm.11.3.348

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Konterkarierende Kapitalbewegungen

Eine Überprüfung der deutschen Evidenz

Neumann, Manfred J. M.

Credit and Capital Markets – Kredit und Kapital, Vol. 11 (1978), Iss. 3 : pp. 348–364

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Neumann, Manfred J. M.

References

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Abstract

Neutralizing Capital Movements. An appraisal of the German evidence

According to Ricardo’s law, fixed exchange rates and completely integrated capital markets prevent the monetary authorities of a small, open economy from pursuing an independent monetary policy. Interest-rate-induced capital movements completely neutralize any monetary policy action. This article examines German experience during the sixties. It is shown that the findings of previous studies, which suggested a relatively high degree of neuralization, are inaccurate. The evidence presented reveals that not more than about 50 per cent of the autonomous changes in the German monetary base were neutralized by interest-rate-induced capital movements in the same quarter.